First Community Bank in 375p.c FY profits surge

First Community Bank (FCB) has recorded a net profit of Sh151million for the financial year ending 31st December 2017, compared to Sh55million it announced in 2016, a growth of 375 percent year-on-year, this despite the capping of interest rate.

The lender attributed the jump to a reduction in its operating expenses and increase in customer deposits which rose by 17 percent during the period under review, the highest in the bank’s ten year history.

“The bank has performed exceptionally well in a very difficult trading environment to improve its bottom line performance,” said FCB Chief Executive Officer, Mr. Fazal Mehmood Said yesterday.

During the period under review, FCB witnessed a 13 percent growth in total assets to Sh17 billion at the close of 2017 compared to Sh15 billion in 2016, in a period that also registered an 11per cent increase in non-funded income which bolstered the bank’s growth in profitability.